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惠普拒絕施樂收購要約

Jonathan Vanian 2019年11月20日

惠普高管表示,施樂的收購報價“嚴重低估了惠普的價值,不符合惠普股東的最佳利益”。

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個人電腦及打印機巨頭惠普的董事會拒絕了施樂的大手筆收購要約。

在11月17日發布的公開信中,惠普公司的首席執行官恩里克·洛雷斯和董事會主席吉普·伯格表示,施樂的收購報價“嚴重低估了惠普的價值,不符合惠普股東的最佳利益”。

剛開始施樂主動提出,以每股22美元的價格收購惠普,總金額超過300億美元。最初的并購建議書顯示,施樂的管理層認為,合并對兩家公司均有益處,不僅可以加強雙方的復印機業務,預計也能夠產生“約20億美元的成本協同效應”,惠普公開發布了該建議書。

目前惠普的市值是施樂的三倍以上,因而施樂若想收購惠普,勢必要大舉融資。惠普董事會質疑,如果施樂實施融資計劃,“將產生巨額債務,可能拖累合并后公司的股票”。

惠普還對施樂的業務基本狀況提出了質疑,指出“2018年6月以來的12個月間,施樂的營收從102億美元下降到了92億美元。”雖然惠普已經不像前幾十年一樣是推動技術進步的主要力量,但仍然是舉足輕重的巨頭,截至2018財年的三年內,其銷售額年均增長13%,達到585億美元。

值得注意的是,惠普表示仍然愿意與施樂探討潛在的合并事宜,但希望對“潛在合并可實現的協同效應進行更嚴謹的分析”。

洛雷斯與伯格在公開信中寫道:“我們與施樂的管理層深入接觸過,也查閱了對施樂盡職調查的相關信息,相信公司能夠迅速評估潛在交易的益處。我們愿與施樂進行進一步的溝通,加深對業務的了解,也更好地了解合并能夠帶來的價值。”

上周,激進投資者卡爾·伊坎透露自己持有惠普4.24%的股份,值得注意的是,他也持有施樂10.6%的股份。一些分析師認為,伊坎是施樂打算收購惠普計劃的幕后推手,但伊坎表示該并購提案由施樂董事會獨立處理。

伊坎曾經表示“合并勢在必行”,但他并沒有具體提到施樂收購惠普對兩家公司來說是最好的選擇。

《財富》雜志已經與施樂聯系,在獲得答復后將發布最新進展。(財富中文網)

譯者:Charlie

審校:夏林

HP Inc.’s board of directors has rejected Xerox’s blockbuster bid to take over the personal computer and printing giant.

In a public letter released on November 17, HP Inc CEO Enrique Lores and the company’s board chair Chip Bergh said that Xerox’s proposed bid “significantly undervalues HP and is not in the best interests of HP shareholders.”

Xerox originally offered HP an unsolicited bid to take over the company for $22 a share in a deal worth over $30 billion. Xerox management believed that the deal would benefit both companies and bolster their respective copy machine businesses, ultimately resulting in “cost synergies of at least $2.0 billion,” according to the original proposal letter, which HP also publicly released.

But in order for Xerox to acquire HP, a much larger company whose market capitalization is over three times the size of Xerox, the copy-machine giant would have had to raise a significant amount of financing. HP’s board questioned the “potential impact of outsized debt levels on the combined company’s stock” that would potentially result if Xerox carried forth with its financing plans.

HP also questioned the fundamental health of Xerox’s business and noted “the decline of Xerox’s revenue from $10.2 billion to $9.2 billion (on a trailing 12-month basis) since June 2018.” Although HP isn’t the major technology force as it was in previous decades, it’s still a massive business and has managed to grow annual sales by 13% to $58.5 billion over a three-year period ending in its fiscal 2018.

It should be noted that HP said it is still “open to exploring” a potential combination with Xerox, but it wants to do a more “rigorous analysis of the achievable synergies from a potential combination.”

“With substantive engagement from Xerox management and access to diligence information on Xerox, we believe that we can quickly evaluate the merits of a potential transaction,” Lores and Bergh wrote. “We remain ready to engage with you to better understand your business and any value to be created from a combination.

Last week, activist investor Carl Ichahn revealed that he owns a 4.24% stake in HP, which is noteworthy considering he also owns a 10.6% stake in Xerox. Some analysts believed Ichahn was orchestrating Xerox’s plans to takeover HP, but Ichahn said Xerox’s board was handling the proposed deal on its own.

That said, Ichahn said that “a combination is a no-brainer,” however he didn’t specifically cite Xerox’s proposal to buy HP as the only possible deal that would make sense between the two companies.

Fortune contacted Xerox and will update this story if it responds.

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